Terminal Illness - beating Inheritance Tax?

Sea_Shell

Are HMRC happy for you to spend all your money, recklessly before death, with no assets to show for it, if it's purely to take your estate below the IHT limit??

Spending, rather than gifting.

polymaff

Twointhebush wrote: »

If someone is terminally ill and over the inheritance tax threshold, are there any creative ways ...

Marry...............

Madeinireland

Keep_pedalling wrote: »

In the unlikely case that an executor cannot trace where a large sum of money has vanished to, they would be wise to declare it as a gift if they don’t want HMRC pursuing them for the the tax.

Wouldn’t they then be leaving themselves open to a beneficiary contesting the settlement with HMRC then? I’m sure it would work both ways.

Sibbers123

I will reiterate, seek professional advice. Don’t take advice on such matters over a free Internet forum, especially from those who condone fraud. I’m surprised the mod’s don’t delete such suggestions to be honest.

Ignorance is no defence in a court of law.

IHT is one of the easier taxes to plan for, if you know what you’re doing and are proactive.

agrinnall

Sibbers123 wrote: »

I’m surprised the mod’s don’t delete such suggestions to be honest.

This is an unmoderated forum, so that's never going to happen. If you don't like the content of a post click the report button so that it can be looked at and if the powers that be agree they will then delete it. I must say I did consider doing so for the posts you are concerned about as they probably do violate the forum rules but I've decided not to.